Stock Monitor: Actuant Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 10, 2018 / Active-Investors.com has just released a free earnings report on The Middleby Corp. (NASDAQ: MIDD) ("MIDD"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=MIDD. The Company reported its financial results on February 27, 2018, for the fourth quarter and full fiscal year ended December 30, 2017. The Company surpassed analysts' estimates for earnings but missed revenue forecasts for Q4 FY17. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Actuant Corporation (NYSE: ATU), which also belongs to the Industrial Goods sector as the Company Middleby. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, The Middleby most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=MIDD
Earnings Highlights and Summary
For Q4 FY17, MIDD's total revenues reached $632.86 million, up 6.04% from $596.82 million in Q4 FY16. The Company's sales increased 10% due to recent acquisitions and 1.8% due to favorable foreign currency changes in the reported quarter. Excluding the impact of acquisitions and foreign exchange, the Company's sales decreased 5.7% y-o-y in Q4 FY17. The Company's total revenue numbers fell behind analysts' consensus estimates of $646.8 million.
MIDD's cost of sales advanced 9.80% to $392.7 million in Q4 FY17 from $357.64 million in Q4 FY16. The Company's gross profit was $240.16 million in the reported quarter, a slight increase of 0.41% from $239.18 million in the year ago same quarter.
MIDD incurred selling, general, and administrative expenses (SG&A) of $110.78 million in Q4 FY17 compared to $110.3 million in Q4 FY16. The Company spent $58 million on impairment of intangible assets in the quarter under review. MIDD's income from operations was $68.87 million in Q4 FY17, 45.56% lower than $126.5 million in Q4 FY16.
MIDD reported net earnings of $75.19 million in Q4 FY17, a decrease of 7.10% from $80.94 million in Q4 FY16. The Company's diluted earnings per share (EPS) fell 4.26% to $1.35 in the reported quarter from $1.41 in the year ago comparable quarter. MIDD's reported quarter results were impacted by restructuring expenses; a gain on sale of plant; the impairment of intangible assets; complying with the Tax Cuts and Job Act 2017 (TCJA); and the adoption of ASU No. 2016-09. The Company's adjusted diluted EPS, after adjusting for non-recurring items, were $1.48 in Q4 FY17, up 2.78% from $1.44 in Q4 FY16. MIDD's adjusted EPS were in-line with analysts' consensus estimates.
For the full fiscal year ended December 30, 2017, MIDD's total revenues were $2.34 billion, up 2.98% from $2.27 billion in FY16. Excluding the impact of acquisitions and foreign exchange, the Company's sales decreased 3.6% in FY17. The Company's gross profit advanced 1.28% to $912.74 million y-o-y, while its operating profit fell 8.04% to $410.34 million y-o-y in FY17. MIDD's net earnings jumped 4.89% to $298.13 million, or $5.26 per diluted share, in FY17 from $284.22 million, or $4.98 per diluted share, in FY16. The Company's adjusted diluted EPS, excluding special items, were $6.16 in FY17, up 20.78% from $5.1 in FY16.
Segment Details
During Q4 2017, MIDD's Commercial Foodservice Equipment Group's net revenues increased 13.7% y-o-y in Q4 FY17. The modest sales increase in the general market was more than offset by lower sales to major restaurant chain customers.
MIDD's Food Processing Equipment Group's net sales declined 1.8% on a y-o-y basis in Q4 FY17. The decline in revenues reflects the nature of this business with large projects, resulting in sales volatility.
During Q4 FY17, MIDD's Residential Kitchen Equipment Group's net revenues decreased 5% on a y-o-y basis. The segment's sales decline reflects the impact of lower revenues at the AGA Group, due to acquisition integration initiatives and the reorganization of non-core businesses within the AGA portfolio.
Cash Matters
MIDD had cash and cash equivalents of $89.65 million as on December 30, 2017, 30.91% higher than $68.49 million as on December 31, 2016. The Company's long-term debt increased 40.96% to $1.02 billion as on December 30, 2017, from $726.24 million as on December 31, 2016.
MIDD's operating cash flow was $304.5 million for FY17 compared to $294.1 million in FY16. The Company invested $300.2 million to fund 2017 acquisitions and $239.8 million for the repurchase of its common shares in FY17.
Stock Performance Snapshot
April 09, 2018 - At Monday's closing bell, The Middleby's stock slightly dropped 0.19%, ending the trading session at $123.33.
Volume traded for the day: 350.27 thousand shares.
After yesterday's close, The Middleby's market cap was at $6.96 billion.
Price to Earnings (P/E) ratio was at 23.46.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry.
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